Yoga Teacher Insurance Cost
Author Bio
JoAnne’s 29 years of industry experience make her unmatched in the small business insurance space. She reviewed this page and gave it her stamp of approval so you can know it’s certified by a pro.
Whether you’re a new or experienced yoga teacher, you likely have heard about yoga teacher insurance. It’s a smart way to protect yourself as a yoga professional and have peace of mind while teaching.
But did you know you might be overpaying for your coverage?
Hidden fees, inadequate or shared limits, and “extras” you might never use are a sneaky way some insurance companies upsell you on your yearly premiums.
At Insurance Canopy, we know teaching yoga comes with its own expenses. That’s why we offer one of the cheapest yoga teacher insurance plans on the market.
How Much Does Yoga Teacher Insurance Cost?
Insurance Canopy’s yoga teacher insurance cost starts at $129/year, or $12.50/month, depending on which payment plan you choose.
Our base insurance policy includes these coverages:
- General liability insurance
- Professional liability insurance
- Products and completed operations coverage
- Personal and advertising injury
- Damage to premises rented to you
- Medical expenses
These are the most commonly required coverages for yoga teachers and can cover common yoga claims.
Your specific coverage needs will affect this total cost, so be sure to fill out an application for the most accurate premium calculation.
Calculate Your Final Yoga Teacher Insurance Cost
Base policy of $129
+ Cost of optional additional insureds
+ Cost of any optional coverages
= Your final yoga insurance cost
Any additional insureds or additional coverages will be renewed each year with your base plan.
What Factors Impact the Cost of a Yoga Liability Insurance Policy?
The price for a base policy is mostly set by an insurance carrier. They look at a few key factors to help calculate this price.
- Teaching style(s)
- Teaching location(s)
- Additional services
- Claims history
- Average limits
All of these factors can impact how much you end up paying for an insurance plan. Let’s break it down to see why.
Teaching Style(s)
Some styles of yoga are considered more high-risk than others.
For example, aerial yoga poses more risk for injury than vinyasa yoga. The more likely it is for someone to be injured or property to be damaged, the more expensive your policy might be.
You also may find some teaching styles are excluded from policies for these reasons. Lower-risk teaching styles are going to have policies priced cheaper than higher-risk policies.
Teaching Location(s)
If you rent space in a studio or gym or teach in more than one location, you’re likely to need to add additional insureds to your policy. This can increase the price of your premium.
Even if you work online or out of your home, most homeowners’ and renters’ insurance plans won’t cover for-profit business activities. You’ll want to make sure you have the right limits and coverages in place for a home or virtual yoga business.
Yoga teachers who work from home or rent a studio space are likely to have lower insurance premiums than those who operate a yoga studio and are managing employees.
Additional Services
Some yoga teachers offer dietary and nutritional guidance to students while others may sell supplements or provide basic equipment for their classes. These types of services require additional coverage.
Not every base policy will automatically cover your dietary work, product sales, or your equipment. Covering all aspects of your professional duties will help you better protect yourself from claims.
Claims History
Have you filed an insurance claim as a yoga teacher before? Instructors who have previously filed claims for injuries or damages may have higher premiums than someone who has never had to file a claim.
Average Limits
Carriers create the limits for yoga teacher insurance policies based on what the most popular insurance requirements are.
If it’s standard for third parties to require yoga teachers to have a plan that includes professional liability coverage with a $1,000,000 limit, they will price this accordingly. This helps to ensure the most amount of teachers can be easily insured.
Sometimes contracts may even require you to carry higher limits on your policy. An increase in limits means an increase in price, so if you need higher limits then you should expect to see your costs raised.
What to Look for in the Price of Yoga Teacher Insurance
Most yoga liability insurance costs reflect a flat rate for a base policy. This is the lowest price you can pay for the amount of coverage and limits being offered.
Because you are working with an individual’s body and health, it can make the cost of an accident a lot higher. Your insurance company needs to be able to guarantee they have the funds to help you pay for a claim. With limits set in the millions, you can imagine how expensive a claim may be.
Different insurance companies may offer yoga teacher insurance with the same limits and coverages, but charge different prices. This could mean one is charging more to increase their profits or they are using different carriers who make different base policy pricing.
You may also find insurance companies offering more benefits in addition to the base coverage. Some come with subscriptions to members-only programs, access to private online groups, and more. This can often raise the price of an otherwise cheap yoga insurance policy. It’s up to you to decide if those benefits are worth the extra cost.
Tips for Cutting Yoga Teacher Insurance Costs
Pay Annually
Annual plans often cost less than monthly plans. Insurance Canopy takes 14% off your premium when you choose an annual payment over monthly payments. Instead of paying $150 over 12 months, you’ll pay $129 one time.
While a smaller cost may look more appealing than the larger total for an annual payment, the smaller costs add up because you’re paying more in monthly processing fees. It’s also easy to forget a monthly payment. Missing a payment cancels your coverage, leaving you uninsured.
Not only is paying annually a great way to save each month, it’s also a great way to save time.
Annual policies are a one-time purchase, so you don’t have to worry about missing a payment. Your coverage is good for the whole year, making it one less thing to worry about.
Consider Your Additional Coverages
You can also lower the cost of your insurance expenses by only paying for the additional coverage you need. Be selective about what extra protections you add to your base policy.
For example, if you no longer need additional insureds on your policy, you can remove them and cut that cost. Or if you no longer provide students with equipment to use in class, you can remove gear and equipment coverage from your plan.
Tailoring your policy to your specific needs ensures you get the coverage that makes sense for your business and your budget.
Avoid Accidents & Late Claims
While this seems like common sense, most people are unaware of the hundreds of possible risks you face each day.
When you’re tired, sick, or under a lot of stress, it can be easy to miss a step or not catch a little mistake. That’s when accidents are most likely to happen.
Keeping yourself healthy and alert is key in avoiding accidents:
- Check in with students during sessions and keep a safe environment
- Routinely check any gear or equipment you let students use
- Always offer alternate moves for less capable students
These actions can help you avoid injuries or damages that might otherwise raise your yearly premiums. But if you do have an accident, file a claim as quickly as possible.
The longer you wait to file a claim, the harder it can be for your agent to process your claim. This would mean footing the bill all on your own or being stuck with late fees.
Compare Quotes
It’s not uncommon for insurance companies to raise prices. This can be frustrating when you notice your insurance rates are going up—especially if you never filed a claim or changed your coverage.
If you’re looking for cheap yoga insurance options, research what other companies are offering before you buy or renew your policy. You may be able to switch and save with another insurance company.
At Insurance Canopy, we work hard to keep our prices lower than our top competitors—while still offering the same coverage options and limits.
We don’t think you should have to sacrifice quality coverage for a lower cost. That’s why thousands of yoga teachers continue to trust in our policies year after year.
Additional Coverages
Some contracts require you to have higher insurance limits or you might need coverage for any gear you provide your students. For this, you need additional coverage, which also adds more protections to your insurance policy. This will likely increase the final cost of your premium.
Here are some of the most popular optional coverages we see yoga teachers add to their policies.
Gear & Equipment Coverage (Inland Marine Insurance): $16
This can help repair or replace the gear and equipment you use as a professional yoga teacher if they are damaged during the course of business or stolen. For example: yoga mats, filming equipment, and resistance bands.
Dietary & Nutrition Coverage: $75
This can help protect you from injuries or damages that arise from nutritional services you may offer your students. For example: creating custom meal plans or giving dietary advice.
Cyber Liability Insurance: $99
This can help you and your students recover from a cyber attack on your business. For example: stolen funds or private information taken after a data breach.
Additional Insureds: 1 for $15 or Unlimited for $30
An additional insured is a third-party entity your policy can cover in the case of an accident, lawsuit, or claim you are at fault for. This is almost always required when a business or location is asking you to carry yoga teacher insurance, and could raise the cost of your insurance.
Additional insureds could be:
- A landlord or venue for a space you leaseThe location or city you work at
- The business you are employed by
- The manager of a studio or gym
But additional insureds may not be your employees, family, coworkers, or yourself.
Is Insurance Required for Yoga Teachers?
Yes, yoga insurance can be required for yoga teachers. You may need it to obtain your business license or certification. Moreover, if you want to protect the yoga business you’ve worked so hard for, yoga insurance is essential to have.
Plus, it’s usually required by any location where you want to work or lease to give lessons (e.g., gyms, studios, spas, events, and so on), even if you work as a freelance instructor or independent contractor.
Online yoga teachers are also strongly encouraged to be insured. Whether you run your own business or teach virtually through another business, you still run the risk of someone getting hurt by your instruction.
